Skip to main content
Premium Trial:

Request an Annual Quote

Great Basin Prices $6M Public Offering

NEW YORK (GenomeWeb) – Great Basin Scientific announced today it has priced a public offering expected to raise $6 million in gross proceeds.

The Salt Lake City, Utah-based molecular diagnostics company intends to use the offering to fund its research and development activities, for sales and marketing expenses, to support the manufacture of additional analyzers, to expand its manufacturing capacity, and for general corporate purposes including working capital.

Specifically, Great Basin will offer 3.16 million units at a public offering price of $1.90 per unit. The units consist of one share of common stock and one Series G warrant. Each Series G warrant entitles the holder to acquire one share of common stock at an exercise price of $1.90 per share for a period of five years following the date of issuance, Great Basin said.

The offering is expected to close on June 1.

The firm conducted a similar offering in February, putting up for sale 39.2 million units at $.16 per unit, with each consisting of one share of common stock and one-and-a-half Series E warrants. Each whole Series E warrant in that offering allows the holder to acquire a share of common stock at $.25 per share for a period of five years. The expected gross proceeds of that offering were $6.3 million.

In both offerings, Roth Capital Partners has acted as exclusive placement agent.

In December of last year the company undertook a $20.5 million securities purchase agreement with institutional investors to provide new funding for its ongoing operations, and it effected a 1-for-35 reverse stock split in April.

But the firm was warned by Nasdaq of potential delisting later that month due to persistent failure to meet continued listing requirements calling for a minimum $35 million market value of listed securities and a $1 minimum bid price on its shares.

During early morning trading, shares of the company were down 16 percent to $1.99.

The Scan

ChatGPT Does As Well As Humans Answering Genetics Questions, Study Finds

Researchers in the European Journal of Human Genetics had ChatGPT answer genetics-related questions, finding it was about 68 percent accurate, but sometimes gave different answers to the same question.

Sequencing Analysis Examines Gene Regulatory Networks of Honeybee Soldier, Forager Brains

Researchers in Nature Ecology & Evolution find gene regulatory network differences between soldiers and foragers, suggesting bees can take on either role.

Analysis of Ashkenazi Jewish Cohort Uncovers New Genetic Loci Linked to Alzheimer's Disease

The study in Alzheimer's & Dementia highlighted known genes, but also novel ones with biological ties to Alzheimer's disease.

Tara Pacific Expedition Project Team Finds High Diversity Within Coral Reef Microbiome

In papers appearing in Nature Communications and elsewhere, the team reports on findings from the two-year excursion examining coral reefs.